Wildfires: Apply for Taxpayer Relief Provisions

It may not be the first concern, but Canadians affected by wildfires may worry at some point about the tax consequences of lost records or missed filing deadlines – the next one on June 16 for those filing T1 returns with proprietorship income. Fortunately, the CRA offers Taxpayer Relief Provisions when there are circumstances beyond a taxpayer’s control, including natural disasters, serious illness or death in the family, or errors made by the CRA, which may trigger penalties and interest due to late or incomplete tax filings. Here’s what you need to know.

A recent decision from the Saskatchewan Court of Queen’s Bench held that RRSP funds payable to a named beneficiary do not form part of the testator’s (deceased will maker’s) estate.

The interest-free loans Canadians give to their governments keeps rising – it’s up from $1646 in the 2012 tax filing year to $1655 in 2013 – that’s $138 a month that could be going into TFSAs or RRSPs instead.

In order to make a valid will in any province in Canada, the testator (or will maker) must have a sound dispositive mind or testamentary capacity.

Is the gain tax exempt? Solve this case study: Phil and Sylvia have owned their home in the city for 20 years and their cottage at the lake for 10 years in that 20-year period...

The start of the school year is only a short month away, and now is a great time to think about the tax benefits of post-secondary studies in order to be organized come year-end.

Michael Gregory brings his expertise in global economics to the 2014 Distinguished Advisor Conference in his session Sweet Spots in Global Wealth: The New Normal is a New Hybrid.